- Binance and WazirX announced a funding of USD 50 million for the blockchain startups in India.
WazirX, India’s top crypto exchange platform along with global crypto exchange platform, Binance announced a funding of USD 50 million under an initiative, ‘Blockchain For India’. This initiative is a step towards endorsing and encourgaing the blockchain and crypto startups in India with a minimum investment of USD 100,000 per startup.
Let's invest in #India.
I foresee many other blockchain companies following our footsteps. Let's go!
» binance labs: Cryptocurrency exchange Binance sets up $50 million Indian blockchain fund – The Economic Times https://t.co/eVHbTk12tM
— CZ Binance 🔶🔶🔶 (@cz_binance) March 17, 2020
The fund that is backed by Binance Coin (BNB), Binance USD (BUSD) and WazirX (WRX) is an attempt to fuel adoption in the country, especially after the historic Supreme Court ruling that struck off RBI’s ban which directed banks not to deal in transactions involving cryptocurrency. Nischal Shetty, CEO and Founder, WazirX stated:
“Due to the previous banking ban, India has been behind the rest of the world by two years, and we want to help expedite and bootstrap the ecosystem. This fund is a step in that direction. [..] We want to encourage, help and provide resources, connections, and knowledge to all the entrepreneurs who want to build solutions in the crypto and blockchain domains.”
As per the official report, the startups will be granted the privilege of access to Binance’s blockchain ecosystem including Binance Chain, Binance Cloud, Binance DEX, Binance Launchpad, Binance Research, Binance portfolio companies, such as WazirX, DappReview and Trust Wallet, among others.
Apart from the funding, the initiative includes provision of guidance and support for universities and student organizations interested in setting up university blockchain tech incubators.
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